Fourth-quarter net revenues for the Mohegan Tribal Gaming Authority increased $17.5 million year over year to $453.0 million, while income from operations remained largely unchanged at $55.8 million.
For the three months ended September 30, 2025, Mohegan recorded income from operations of $55.8 million, compared with $56.9 million in the same period a year earlier. Net loss attributable to Mohegan narrowed to $2.5 million from $58.9 million in the prior-year quarter. Adjusted EBITDA totaled $87.4 million, compared with $88.3 million a year earlier, while Adjusted EBITDAR rose to $100.9 million from $98.9 million.
“Net revenues of $453.0 million increased $17.5 million compared with the prior-year period, driven by 40.3% year-over-year growth from Mohegan Digital. Consolidated Adjusted EBITDA of $87.4 million decreased 1.0% compared with the prior-year period, as the prior year benefited from ilani management fees and Las Vegas operations, but was negatively impacted by a higher non-cash adjustment to the value of a customer contract asset at Niagara Resorts,” said Ari Glazer, Chief Financial Officer of Mohegan.
Segment performance
Domestic resorts generated $322.7 million in net revenues during the fourth quarter, down from $327.1 million in the prior-year period. Adjusted EBITDA declined to $78.8 million from $88.9 million. The year-over-year comparison included Las Vegas operations in the prior period and lower table hold at Mohegan Sun.
Mohegan Digital reported fourth-quarter net revenues of $61.6 million, an increase from $43.9 million a year earlier. Adjusted EBITDA rose to $24.9 million from $19.4 million.
International resorts posted net revenues of $73.8 million for the quarter, compared with $63.2 million in the prior year. Adjusted EBITDA totaled $4.5 million, compared with a loss of $4.5 million in the prior-year period. The earlier period included an unfavorable non-cash adjustment tied to a customer contract asset at Niagara Resorts.
Corporate, development, and other operations recorded fourth-quarter net revenues of $6.2 million, down from $11.6 million a year earlier. Adjusted EBITDA loss widened to $20.8 million from $15.4 million, primarily due to the absence of ilani management fees and higher professional fees.
Full fiscal year results
For fiscal year 2025, Mohegan reported net revenues of $1.7 billion, compared with $1.73 billion in fiscal 2024. Income from operations declined to $259.3 million from $286.6 million. Net loss attributable to Mohegan totaled $46.8 million, compared with $232.0 million a year earlier.
Adjusted EBITDA for the year was $355.0 million, down from $396.0 million. Adjusted EBITDAR totaled $400.5 million, compared with $439.7 million in the prior year.
“In fiscal year 2025, our core properties and digital operations grew net revenues 6.0% year over year on a consolidated same-store basis. Mohegan Digital was the primary catalyst, with net revenues growing 48.5% year over year,” said Raymond Pineault, Chief Executive Officer of Mohegan.
Prior-year amounts were restated to exclude results from Inspire Integrated Resort Co., Ltd., its parent company, MGE Korea Limited, and certain related subsidiaries from continuing operations.
As of September 30, 2025, Mohegan held $128.0 million in cash and cash equivalents, compared with $145.7 million a year earlier. Inclusive of letters of credit, the company had $198.6 million in borrowing capacity under its senior secured credit facility and line of credit. Niagara Resorts had $35.9 million in borrowing capacity under its revolving credit and swingline facility.
Original article: https://www.yogonet.com/international/news/2025/12/15/116778-mohegan-records-175-million-yearoveryear-revenue-increase-in-the-fourth-quarter
